Country Wide Home Loans
We were swindled into a subprime mtg w/CW. They refuse to help us correct the situation

We were double swindled by Countrywide via a mortgage broker (not sure who was more crooked). They (he) approached us several times with the claim that this required document or that was missing. Then had us to sign a document with a blank interest rate claiming that it was needed immediately in order for us to secure the loan. (My husband is military and was leaving for overseas deployment within three weeks and didn't want to leave me and my children in the home we were in due to discomforting circumstances that existed in the area. A fact which the broker used to his advantage.) We put $25,000 down on the property and acquired it for at least $20k-$30k less than its market value for that time; meaning we should currently be at a break-even point on our mortgage. Here we are, only three years later owing more on the property than it is worth; with payments that have increased by about 50% or more; and a principle amount that will have increased by almost $20,000 by years-end.

We have tried (more than once) to get refinancing or a mortgage modification through Countrywide to no avail. They even swindled us for additional money under the guise that said payment would be for a refi through them. That was over a year ago, maybe close to two; still no refi. We also investigated the idea of refinancing through other lenders. However, the $8,000 pre-payment penalty (which just expired in June) would have made the cost of retaining the property even more unreasonable and unaffordable.

With these things in mind... Filing a class-action lawsuit? Count us in!

Company: Country Wide Home Loans
Country: USA
State: California
City: Calabasas
Phone: 8182253000
Site: my.countrywide.com

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